Albanians, "excellent" connoisseurs of financial products - BoA survey: However, they use them less than other countries
Albanians have very good knowledge of financial products, whether they are banking, investment, or insurance products.
According to a survey conducted by the Bank of Albania on financial literacy, citizens in our country have a higher level of awareness regarding the recognition of loans, deposits, types of bank accounts, cards, government securities, pensions, or life and non-life insurance. Despite knowing them well, they use them less than people in other countries of the world.
About 72% of individuals in Albania are familiar with at least 5 financial products, compared to 73% and 79% of the overall average of participating countries and the average of OECD countries, respectively.
Data shows that almost 90% of individuals in Albania have knowledge of key financial products such as payment products, savings products, or credit products, similar to the overall average of participating countries and those of the OECD.
As for insurance products, 73% of individuals in Albania have knowledge about them, almost the same as the average of participating countries (74%) and slightly below the average of OECD countries (78%).
Regarding ownership of financial products, 56% of individuals in Albania own payment products, which include bank cards, bank applications and others, compared to 66% and 80%, respectively, which is the level of ownership of these products in participating countries and OECD countries.
Next are savings products, credit and insurance products, which are owned by a smaller percentage of individuals in Albania, almost 2 times less than the percentage of ownership of these products by other participating countries.
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